Sensex, Nifty to open on a flat note

Indices could face resistance as they move to higher levels. In case of any positive development wild swings could begin ahead of the F&O expiry as a lot of shorts are present in the system. FPI activity will remain in focus as they sold shares worth net Rs 2,464 crore last week even as six Sensex companies added close to Rs. 32,000 crore in m-cap. PSU banks will see action as the Union Finance Minister Arun Jaitley reviews their performance later today.

The markets seem to get too affected too soon. On Friday, Indian market of course saw some profit taking in an otherwise positive week but US indices saw a sell-off after the Federal Reserve said its Board of Governors would meet today “under expedited procedures” for a review. The meet, to determine the advance and discount rates is not unusual but somehow got the street a bit nervous. Back home, the onset of the Winter session of Parliament towards the end of this week will keep the market guessing on how confident the government is to pass key bills.

Indices could face resistance as they move to higher levels. In case of any positive development wild swings could begin ahead of the F&O expiry as a lot of shorts are present in the system. FPI activity will remain in focus as they sold shares worth net Rs 2,464 crore last week even as six Sensex companies added close to Rs. 32,000 crore in m-cap. PSU banks will see action as the Union Finance Minister Arun Jaitley reviews their performance later today.

Indian rupee is expected to remain under pressure, as US dollar is witnessing persistent strength against the basket of currencies, with the dollar index advancing above 100 levels. Fed rate hike in December seems to be a done deal. Federal forward rates curve now suggest 74% probability of 25 basis points move on the rates. In addition, Fed official William Dudley’s hawkish statement implies that there is more room for the rates to rise. In this respect, Mr. Dudley expects the economy to eventually attain 2% inflation target.  Markets will be quite interested in the language which the central bank endorses during the December meeting.

Air India has reportedly raised Rs. 7,000 crore through a sale and lease back agreement with a Singapore-based lessor for its 21 Dreamliner aircraft.

SpiceJet, announced that it has yet again achieved the highest passenger load factor (PLF) of 92.1% for the month of October 2015, according to data published by the Director General of Civil Aviation (DGCA).

The competition in the Indian telecom sector would intensify, mainly from the entry of Reliance Jio, which would cause fall in tariff and an industry shake up, according to Fitch Ratings.

The comprehensive roadmap for phasing out corporate tax exemptions announced by the government is aimed at simplifying and streamlining exemptions and bring down tax rates, minister of state for finance, Jayant Sinha said at an ASSOCHAM event held in New Delhi.

The Government may provide a 10-year extension to Cairn India for its Rajasthan oil exploration contract if the Vedanta group company agrees to increase the Centre’s royalty.

Nestle India has so far sold 3.3 crore packs of its Maggi instant noodles in 350 towns across the country since the relaunch last week. The company says that it is selling Maggi at 1.2 lakh outlets through 724 distributors.

The Department of Industrial Policy & Promotion (DIPP) on Friday conditionally approved 12 industrial licences for eight subsidiaries of Reliance Defence.

Aurobindo Pharma Ltd has announced that it has received US FDA nod for Sildenafil Tablets.

Bombay High Court has approved the scheme of demerger of the consumer products business unit of the Crompton Greaves Limited (CG) into CG's wholly owned subsidiary Crompton Greaves Consumer Electricals Limited (CGCEL).

The Supreme Court upheld a Gujarat high court decision which had rejected a government notification imposing customs duty on electrical power transferred from a special economic zone (SEZ) to the domestic tariff area (DTA).